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Fordgate Fails to Complete $207M Portfolio Buy

LONDON-A row is brewing between two major UK property players after Fordgate failed to complete on its $207 million purchase of three London office buildings from Hammerson.

By Graham Parker | Updated on November 26, 2003

LONDON-Hammerson and Fordgate, two leading UK property companies, look set to face each other across a courtroom after after Fordgate failed to complete on its pounds 122 million ($207 million) purchase of three London office buildings.

The two agreed the sale of 21 Moorfields, London EC2 and Grant Thornton House and 40 Melton Street at Euston Square, London NW1 in October. But now Hammerson has been forced to issue a Stock Exchange statement confirming that the deal had fallen through in what appear to be acrimonious circumstances.

The statement reads: “Although Hammerson has fulfilled the outstanding conditions, the proposed purchaser has failed to complete the transaction in accordance with the contract. Therefore Hammerson has terminated the contract and intends to retain the purchaser’s deposit and will be seeking appropriate redress.

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